Duke  University  Libraries 

Communication  f 
Conf  Pam  #358 


HOUSE  OF  REPRESENTATIVES,  Fkb.  3,  1S65.— Laid  on  the 
table  and  ordered  to  be  priated. 

[By  the  Chair.] 


COMMUNICATION  FROM  SECRETARY  OF  TREASURY. 

Treasury  Dkpabtment,  C.  S.  A. 

Richmovd,  Feb.  1st,  I860. 
Hon.  Thomas  S.  Bocock, 

Speaker  of  House  of  Representatives : 
Sir: 

In  compliance  with  the  resolution  adopted  by  the 
House  of  Representatives  on  the  25th  ultimo,  I  have  the  honor  to 
submit  the  following  information: 

The  resolution  is  as  follows: 

"Resolved,  That  the  Secretary  of  the  Treasury  be  requested  to  in- 
form Congress  what  amount  of  five  hundred  million  non-taxable  bonds 
have  been  disposed  of  by  the  government — stating  the  amount  dis- 
posed of  in  different  months,  and  distinguishing  between  the  amount 
sold  and  the  amount  given  in  discharge  of  the  public  indebtedness; 
also,  that  he  state  the  price  at  which  those  bonds  were  sold,  with  the 
Treasury  orders  regulating  their  sale." 

The  accompanying  table  exhibits  the  amount  of  bonds  sold, 
namely:  $44,517,500  taken  at  par.  The  premium  realized  amounts 
to  $  14,059,428  05,  or  about  33  per  centum.  Some  of  the  first  sales 
were  made  at  25  per  centum  premium,  which  is  the  cause  of  this 
redaction  below  the  establislied  rate  of  35. 

The  table  exhibits  the  amount  sold  in  the  several  months  from  June 
to  January,  inclusive;  but  in  the  accounts  of  the  Treasurer  no  dis- 
tinction has  been  made  between  tht;  bonds  actually  sold  and  those  given 
in  discharge  of  the  public  indebtedness — the  entries  upon  the  books 
being  the  same  in  both  cases.  The  requisitions  satisfied  in  bonds 
would  indicate  that  about  $30,000,000  had  been  thus  applied,  but  a 
part  of  this  sum  remains  yet  unai»propriated,  in  the  hands  of  deposi- 
taries. 

The  established  price  for  the  bonds  hitherto  has  been  35  per  cent, 
premium,  and  no  authorit}'^  has  yet  been  given  to  the  agents  to  reduce 
the  price.  As  long  as  the  demand  continued,  it  was  deemed  the  best 
policy  to  maintain  the  price  at  $  135. 

Creditors  took  them  with  more  confidence  and  readiness  in  pay- 
ment; and  by  leaving  the  open  market  to  them,  tree  from  the  com- 
petition of  the  government,  they  became  active  and  efficient  agents 
in  effecting  sales.  They  tested,  in  the  most  effective  manner,  both 
the  value  of  the  bonds  in  the  estimation  of  the  public,  and  its  capa- 
city or  disposition  to  absorb  them.  While  a  demand  was  found  at  a 
price  approaching  $135,  they  continued  to  accept  them  in  payment, 
and  to  exert  themselves  in  efiecting  sales  to  others.     More  recently, 


however,  the  market  price  has  declined  to  par,  and  even  less,  and 
the  demand  has  become  extremely  limited.  Under  these  circum- 
stances, no  advantage  can  be  gained  by  reducing  the  price  of  the 
bonds  and  entering  thr  market  in  competition  with  private  sellers. 

A  copy  ol'  the  ordeis  reguhiting  the  sale  of  the  bonds,  originally 
issued  to  the  agents,  is  appended  to  this  report. 

G.  A.  TREXHOOr, 

Secretarij  of'  Treasury. 


CIRCULAR. 


Treasury  Department,  C.  S.  A. 
Sepf ember  26,  1S64. 

Some  of  the  depositaries  having  stated  that  they  are  without  spe- 
cific instructions  from  the  Department  in  regard  to  the  "  4  per  cent, 
call  certificates  on  bonds  hypothecated,"  and  of  the  (3  per  cent,  non- 
taxable bonds,  it  is  deemed  proper  to  advise  by  circular,  that  the 
minimum  certificate  intended  to  be  given  for  new  issue  treasury  notes 
received  on  call  is  live  hundred  dollars,  and  the  larger  ones,  multiples 
of  five  hundred.  For  the  accommodation  of  holders  of  old  issues 
who  wish  to  deposit  them  for  4  per  cent,  call  certificates,  payable 
after  ninety  days,  certificates  of  one  hundred  dollais  each  have  been 
prepared,  to  be  used  when  the  sum  deposited  is  below  $  500,  or 
iDctween  $500  and  SI, 000,  or  greater  sums  re<|uiring  odd  hundreds, 
but  all  fractional  parts  of  SI 00  are  to  be  exchanged  at  0G§  cents  to 
the  dollar  and  new  issue  given. 

In  all  sales  of  the  G  per  cent,  non-taxable  bonds  (i.  e.  the  -500  mil- 
lion loan),  the  accrued  interest  must  be  charged,  and  on  making  the 
entries  for  all  such  sales,  and  of  the  proceeds  of  such  sales  paid  into 
the  depository  by  an  agent  authorized  to  sell  the  bonds,  it  must  be 
stated  on  the  books  and  in  the  weekly  returns  to  the  Treasurer,  how 
much  is  for  principal,  how  much  for  premium,  and  how  much  for 
interest. 

The  depositaries  will  insist  upon  the  agents  furnishing  them  with 
such  specific  statements,  when  they  make  their  deposits. 

Agents  authorized  to  sell  bonds  on  commission,  should  deduct  the 
commission  to  which  they  are  entitled  from  the  premium  received, 
and  furnish  to  the  depositary  at  the  time  of  making  de[)osit,  a  memo- 
randum stating 

Amount  for  principal  of  bonds,  $ 

Premium,  S 

Less  commissions,  $ 


Q.  A.  TRENHOLM, 

Secretary  of  Treasury. 


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